Mechel bankruptcy to be avoided — Russian presidential aide

MOSCOW, July 23. /ITAR-TASS/. Russian presidential aide Andrei Belousov said Wednesday that the bankruptcy of Russia’s mining and metals company Mechel could be avoided.

“Frankly speaking, I believe that we will be able to avoid Mechel’s bankruptcy. As for me personally, I categorically object to statements in the press by responsible heads of departments regarding the prospect of bankruptcy,” Belousov told journalists.

He said work currently being performed is not aimed at the company’s bankruptcy.

“It does not mean that management should stay the same. The talk is not about saving management, this issue is to be dealt with by creditors. The talk is, first and foremost, of preserving the company as a potentially rather expensive asset with high capitalization,” Belousov said.